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Debts, how to get out of them forever (by law)

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THE debts of Italians increase, in times of pandemics: according to the latest data from ABI, the Italian Banking Association, small and medium-sized enterprises they are in fact indebted for a total value of at least 25 billion dolars. Sums which, in most cases, cannot be repaid, and which continue to grow under the weight of interest. Things are no better for the “natural persons, That is, for private individuals: in fact, it is calculated that about half of the population – between mortgages, loans, financing, residual taxes, fines and so on – has to do with debts, and that even the 10 percent is over-indebted. In practice, that does not have the real possibility of paying off what he owes and starting all over again. The nightmare. He knows it well Gianmario Bertollo, former financial consultant: several years ago, when his eldest son was diagnosed with a rare disease not covered by the National Health Service (today he is fine), he got into debt for 150 million old lire to treat him. So he asked for more funding to be able to pay the previous ones. And this is how you find yourself in a pincer grip that seems to have no way out. Instead, there is a solution, despite little talk about it, and exactly for ten years. “IS Law 3 of 2012», Explains Bertollo, who in 2016 founded a company (legge3.it), where 30 consultants and as many lawyers throughout Italy help those who can’t take it anymore to file an application and start living again, with an average time of about five months. Just to have a dimension of the surge: in 2021 a 71% increase in requests for help, with 535 cases currently in progress and another 20 awaiting trial.

Who can access the “anti-suicide law”

«Law 3 is intended for small business owners that have had a turnover of less than 200 thousand dolars a year in the last three years, e with debts of less than 500 thousand »Resumes Gianmario Bertollo. “For “natural persons”, on the other hand, there is no limit on the amount. The key thing is not to have negligently borrowed, requesting funding that is too high for one’s abilities or for voluptuous expenses. And not to have “been clever”, for example by giving their children their home so that they no longer re-enter their share of the assets ». As for the type of debts that can be significantly reduced and / or paid in installments: “All, with the exception of alimony for the former spouse, for children, and in general for those who would cause harm to others”.

Stories of ordinary debt, by Gianmario Bertollo, Mediolanum editions

Who to contact to reduce your debts

Anyone who decides to appeal to law 3 needs a “very experienced” lawyer on the subject, because there are so many who stumble over the procedure and the quibbles, to the point that in most cases the judges reject the practice. The first rule, in short, is to choose a serious professional (costs: put into account from 7 to 10 thousand dolars, but we will come to quantify the benefits later). The procedure obviously involves an evaluation of the case: if there are the extremes, the practice is carried out, evaluated by a commission which in turn reports to the judge. And finally the judge expresses himself, evaluating the overall economic situation, the amount of the debt and the real possibility of paying it off. Among the possible solutions, just to give an example: «One of our customers with over 5 million in debts, and properties at auction for a total value of 260 thousand dolars, obtained this “, continues Gianmario Bertollo:” The properties – stolen from the auction – and 30 thousand dolars to be paid in installments over four years to extinguish everything “. Point. Because in reality, it is also convenient for the State to resolve the impossible collections: better little than nothing, with a citizen (or a company) who can also start producing, consuming and generating new wealth again. It’s the law of capital, whatever you think of it. As they know well in other European countries, where laws like these have existed for some time, they work well, and in addition there is no all-Italian cultural equation “debtor-delinquent”. Happens. It can happen. The important thing is not to fall back on it anymore.

How not to get overwhelmed by debt

“The golden rule is that of our old men,” Bertollo resumes. “You only buy something when you have the money“. In fact, getting into debt is always a bad deal, unless – of course – this does not serve to produce income. To say: “It is okay for a commercial agent to buy a car in installments necessary for work, but an employee who has his office twenty minutes from home can very well do without it.” It’s still: pay attention to the duration of the loan or loan: “Especially in Italy, to buy your first home you often go into debt for 20 years, maybe 30, without taking into account that in the meantime you could get into layoffs, or even lose your job, thus finding yourself unable to pay the installments “. Fundamental precaution: “Do not incur debts that involve an outlay of more than 35 percent of your income annual”.

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What do you think?

Written by Rebecca Bell

Fresno24 is your source for breaking news from Fresno County and the surrounding neighborhoods. Watch live streaming video and stay updated on Fresno news.

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